This invention relates to a process for reactivating a coked, agglomerated iridium-containing catalyst also containing a selenium hydrocracking moderator agent, involving the sequential steps of low temperature decoking to minimize agglomeration, reducing agglomerated iridium oxides on the catalyst surface to the free metal, pretreating the catalyst surface with a halide-providing compound, preferably hydrogen halide, in the absence of elemental oxygen, and redispersing the iridium metal by contacting with a mixture containing elemental halogen and water at elevated temperature.